The Federal Reserve lowered rates by a quarter point, but Stephen Miran, a Trump appointee who joined the board this week, voted for a bigger cut. Balancing persistent inflation and a weaker labor market was “a challenging situation,” Fed Chair Jerome Powell said.

The Federal Reserve lowered rates by a quarter point, but Stephen Miran, a Trump appointee who joined the board this week, voted for a bigger cut. Balancing persistent inflation…

Stephen Miran, Trump’s pick to join the Fed, dissented against the group, voting in favor of the stronger half-point cut.